Kenyans abroad sent home Ksh.40.6 billion in October

Kenyans living and working abroad sent home Ksh.40.6 billion in October, representing a slight decline of 1.5 per cent in the diaspora remittances from a higher Ksh.41.2 billion in the same month last year.

The diaspora remittances nevertheless remain on a year-over-year growth trajectory to stand at Ksh.405.7 billion ($3.325 billion) in 10 months.

The inflows have improved by 9.1 per cent from last year’s 10-month tally of Ksh.371.8 billion ($3.047 billion).

According to the Central Bank of Kenya (CBK), the remittance inflows continue to support the current account and the foreign exchange market.

The remittances alongside improved export earnings this year have been pivotal in anchoring the country’s exchange rate, helping to partly offset the weakness seen in the Kenyan Shilling which fell below the Ksh.122 mark on Thursday.

The United States was the largest source of remittances into Kenya in October, accounting for 57.6 per cent of the flows across the month.